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July Market Update

Where have all the houses gone?  With 12,420 available listings and 12,704 listings under contract, they’re being picked up fast.  Of the available listings, 2,769 are bank owned, well down from the 5,000 to 6,000 we’d become accustomed to earlier in the year.  Short sales make up 5,179 of availability.  Of the properties under contract, 5,374 are bank owned and 6,082 are short sales.  There were 4,592 sales in June – 3,444 bank owned and 396 short sales.

So, with short sales only making up 10 percent of the distressed closed sales, but accounting for the majority of properties under contract, can we expect to see more successful short sales or will the majority eventually become bank owned?  With short sale negotiations generally taking a minimum of 90 days, we probably won’t know until the fall.  These are numbers to watch closely.

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